China Oceanwide Holdings Quietly Marketing 80 South Street for $300M
China Oceanwide Holdings has put its 80 South Street building on the market just shy of three years since acquiring the Financial District property, Commercial Observer can first report. Initial pricing talk for the asset is a little under $300 million, according to an investor source with knowledge of the plan.
Cushman & Wakefield (CWK)’s Adam Spies has been tapped to market the site. He didn’t respond to requests for comment.
Sources said that only five firms have been approached to bid on the property. Those five firms couldn’t be confirmed by press time.
Oceanwide, the Beijing-based investment group behind Los Angeles’ Oceanwide Plaza, bought 80 South Street between Fletcher and John Streets along with 163 Front Street in the South Street Seaport in March 2016 for $390 million, as CO previously reported. The property is currently zoned for a 818,000-square-foot, mixed-use building.
According to New York YIMBY, Oceanwide was planning to build a mixed-use building as high as 1,436 feet at 80 South Street and 163 Front Street.
Now, the conglomerate’s principal operating entity, “[doesn’t] want them to spend more capital to build it,” another source said.
Oceanwide filed applications for demolition permits with the New York City Department of Buildings at both sites in May 2017, but they have not been granted, and no construction plans have been submitted.
In January, construction stalled on Oceanwide Plaza, one of DTLA’s largest development projects, as first reported by the Los Angeles Times. The company announced the halt in activity on the $1 billion condominium, hotel and retail project was due to Oceanwide Plaza being recapitalized, and that construction would resume in mid-February.
With additional reporting provided by Rebecca Baird-Remba.